Hungary’s clothing and creative industry receives significant support

The government is allocating HUF 15 billion to the development of the sector.

The sector employs 100,000 people across the country, and more and more of the typically small and medium-sized businesses are appearing in world markets. Some 80 percent of the products of the domestic clothing and creative industry are sold abroad, making it one of the sectors with the largest export capacity.

The government has therefore decided to contribute development resources to investments in the industry, Minister of Finance Mihály Varga announced on Wednesday. 

The HUF 15 billion allocated to the Ginpo and Vekop programs can support the development of 300 domestic enterprises, Mihály Varga said. 

Companies can use the funds to buy new equipment and expand their capacities.

The relaunch of the economy will be supported by all investments that provide jobs and export opportunities, so the payment of subsidies has already accelerated, the finance minister said.

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